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Nigeria Launches First Phase of Interest-Free Student Loan Scheme for Federal Tertiary Institutions

National Education Loan Fund Website Now Live for Applications On Friday, May 24, 2024, Nigeria commenced the first phase

Nigeria Launches First Phase of Interest-Free Student Loan Scheme for Federal Tertiary Institutions

National Education Loan Fund Website Now Live for Applications

On Friday, May 24, 2024, Nigeria commenced the first phase of its groundbreaking interest-free student loan scheme, targeting federal tertiary institutions across the country. The loan website, www.nelf.gov.ng, became operational at midnight, enabling students to promptly apply for financial assistance.

Application Process and Guidelines

Akintunde Sawyer, Managing Director of the Nigerian Education Loan Fund (NELFUND), provided a detailed overview of the application process during a pre-application sensitization media briefing. The scheme will initially benefit students from federal tertiary institutions, with state institutions and skills acquisition seekers to follow in subsequent phases. Sawyer emphasized the importance of this initiative in alleviating financial burdens on students and their families.

Step-by-Step Application Guide

Creating an Account:

  1. Visit www.nelf.gov.ng.
  2. Click on “Apply Now”.
  3. Click on “Get Started”.
  4. Confirm Nigerian citizenship by answering the question and clicking “Yes, I am a Nigerian”.
  5. Verify educational information by selecting your school from a dropdown and providing your matric number.
  6. Click “Verify with JAMB” and enter your JAMB details. (If your NIN is not registered with JAMB, enter your NIN for validation.)
  7. Create an account by entering your email address, password, and confirming the password.
  8. Click the email verification link sent to your email to complete account creation.

Completing Your Profile:

  1. Log in using your email address and password.
  2. Click “Proceed to Contact Details”.
  3. Update contact details including phone number, full residential address, state, and local government area of residence.
  4. Click “Proceed to Educational Details” and update your higher institution and matric number.
  5. Click “Proceed to Account Details” and verify your BVN by entering your BVN, bank name, and account number. Click “Save Changes”.

Loan Application:

  1. Click “Request for Student Loan” at the top right of the screen after logging in.
  2. Choose whether you need an upkeep loan or just institutional charges and click “Continue”.
  3. Upload supporting documents, including your admission letter (compulsory), and optionally, your student ID and institution invoice.
  4. Agree to the policy and declaration by clicking the checkbox and then “Continue”.
  5. Review the loan overview, agree to the Terms & Conditions and GSI Mandate, and click “Submit Application”.
  6. Click on the “Loans” button to check the status of your application.

Government Commitment

President Bola Ahmed Tinubu, while signing the re-enacted student loan scheme bill into law last month, assured that all eligible Nigerian students would benefit from the scheme. The Act mandates that the federal government will cover students’ school fees and provide a monthly stipend for upkeep, significantly reducing financial pressures on students and their families.

This initiative represents a significant step towards improving access to higher education and supporting the academic aspirations of Nigerian students.

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